Oil jumped over 3% to near six-month highs on UAE tanker spill and escalating Gulf strikes

Global crude oil futures surged over 3% on Friday to close at their highest levels since late April as an unexplained tanker spill off the United Arab Emirates and relentless regional attacks overwhelmed emergency reserve releases.

Crude benchmarks posted steep gains on Friday to conclude an aggressive week of buying. Brent jumped $3.55, or 3.14%, to settle at $116.72 a barrel, locking in a 6.0% weekly gain. WTI advanced $3.80, or 3.82%, to finish at $103.27 a barrel, up 2.3% on the week and holding the transatlantic spread at $13.45 a barrel.

Intensifying maritime hostilities propelled prompt contracts higher. UAE authorities confirmed an oil spill off Umm Al Quwain following suspected tanker strikes, capping what maritime trackers confirmed as the worst month for commercial shipping attacks since 2017. Supply anxiety was exacerbated by the lingering fallout from Saudi Aramco's Dhahran evacuation and pipeline shut-ins across Libya's Hamada and Tahara fields.

Emergency consumer interventions failed to cool the physical rally. The US Department of Energy approved a 400,000-barrel Strategic Petroleum Reserve loan for Phillips 66's Lake Charles refinery, while Germany's EBV tendered strategic emergency stocks. However, with the US SPR at 1982 lows and Baker Hughes reporting flat domestic rig counts at 603, spot shortages dictated market direction.